Int'l : +1-503-894-6022 | Toll Free : +1-800-792-5285 | help@alliedmarketresearch.com
A10422 | Pages: NA | Charts: NA | Tables: NA |
The global padlock smart lock market size is witnessing considerable growth and is expected to grow significantly in the next upcoming future. A padlock smart lock can be defined as a mechanical and an electrical locking device with the ability to open wirelessly with verification by authorized users. It enables homeowners to enter their home or provide others access without the requirement for a traditional key. Padlock smart lock allows user to use various other accessible objects such as a smartphone or a key fob to wirelessly verify and unlock the door. It can be said to be an extension of home security or home automation. As a result, it can also be considered as a part of the Internet of Things (IoT).
COVID-19 scenario analysis:
The main factors, which drive the growth of global padlock smart locks market include increased popularity of smart home services and smartphone penetration, which is expected to reach saturation points in the next two to three years. In addition, decreasing costs of cloud infrastructure and ubiquitous mobile broadband also aided in allowing the users to effortlessly & remotely monitor and control any device, be it a smart thermostat or a padlock smart lock. Moreover, the factors driving the growth of the global padlock smart lock include various advantages such as convenience of being able to walk up to a door, allowing users to grant others access to their locks directly from their phones, and have it automatically unlocked with no need to reach for one’s keys. However, one of the major challenges for global padlock smart locks market is the issue of one’s phone potentially dying. In such a scenario, a physical key still works.
Furthermore, back end clouds and phones can be hacked; hence, there remains a perceived and real security risk related to padlock smart locks. It is expected to be critical for startups to invest in security as negative publicity is a risk in the early market. The low power communication protocols, ubiquity of smartphones, and enhanced technologies related to geo-locating an individual created new opportunities to enhance user experience that can be further explored in the padlock smart lock industry.
The residential segment dominated the padlock smart lock market. Increasing number of smart homes across the globe has significantly contributed to the growth in revenue generation. Advanced security tools, including the remote door, window, locking, door opening sensors, and motion detectors are now affordable for homeowners. This is expected to drive the adoption of smart locks in residential applications. These locks are compatible with ZigBee, Z-Wave, and BLE technologies, and are developed explicitly for mass-market residential purposes, thereby attracting customers.
The hospitality industry represents huge adoption of padlock smart locks. Growth in in-room security measures in hotels is anticipated to bolster the adoption of padlock smart locks in the hospitality sector. Hotels across the globe are implementing wireless protocol-based advanced locks in their rooms to cater to the safety needs of international customers. The adoption of padlock smart locks also leads to surge in a hotel’s brand value. These factors are expected to fuel the padlock smart lock market growth in the hospitality sector.
Key benefits of the report:
Questions answered in the padlock smart lock market research report:
Key Market Segments
Key Market Players